Financial Services Commission Authorisations Workshop

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Alexander Garrison
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1 Financial Services Commission Authorisations Workshop 2015

2 Our Vision and Mission Vision To be recognised by our stakeholders as a model international financial services regulator. Mission To provide financial services regulation in an effective and efficient manner in order to promote good business, protect the public from financial loss and enhance Gibraltar s reputation as a quality financial centre.

3 Authorisations process review Aims and Objectives Review and update the authorisations procedures ensuring that the process is un-bureaucratic, streamlined and that the FSC is easy to do business with; Increase accessibility and efficiency. Offer speed to market (including the decision to decline an application). Ensure that new entrants do not pose an unacceptable degree of risk to consumers or to the reputation of Gibraltar.

4 Risk-Based Approach The FSC is adopting a new risk-based approach across the board and will apply this to the updated Authorisations Process. When reviewing an application, we will consider the key risks and how these would affect the risk against consumers and the reputation of Gibraltar as a jurisdiction.

5 Website We will be redesigning the FSC website in due course. In the meantime we are focusing on the Authorisation section and ensuring that the content is suitable to migrate to our new site. What do we want to achieve? Simplify the information available to applicants; Clearly detailing the process and taking into account feedback from the industry; Set out what you can expect from us and what we expect from you.

6 Where are we? Internally we have begun to set out two main areas; About authorisation; Overview of what Authorisation is, our approach etc. How to request a meeting How to apply What you need to complete an application (documents etc.) Fees How you submit application What happens next How to extend an existing license Dedicated FAQ section A section which relates to each industry sector; Overview of each type of sector Forms (relevant to the sector) Fees FAQs Guidance Existing firms (how to apply for an extension etc)

7 Timescales & feedback Timescales The layout has been finalised We are working on finalising the content We are aiming to go live beginning of March. This will coincide with the publication of the forms Feedback We will be seeking volunteers from the industry to test the site and provide feedback

8 Applications Process

9 Common Errors Incorrect forms submitted; Failure to sign all the documentation submitted (including declarations and warranties); Not submitting all the necessary documents; Failure to provide a response to all applicable questions; Providing Business Plans which read like marketing literature but don t articulate what the goals of the applicant are nor set out clearly what the Applicant intends to do and what the firm s objectives are; Unrealistic and varying financial projections, and not in line with the Business Plan; Failure to provide updated, correct and consistent information throughout; Copy paste of documents from previous applications.

10 What To Expect From Us A dedicated team for authorisations including an assigned contact person for each application; The team welcomes communication with applicants or potential applicants; The FSC will provide assistance and guidance but will not provide legal advice; Regular updates and communication with the applicant if SLS cannot be met, or if there are specific reasons in the delay of an application; Review of the FSC s Service Level Standards.

11 What We Expect From You Good quality applications, which include all the information and documents required; Pro-active in understanding the relevant and applicable legislation and requirements; Understanding that at times applications might be delayed, though the applicant will be kept updated as to the reasons and the expected timescales. That you all take today s information into consideration when completing applications in the future

12 Authorisations Team other worksteams The approval/no objection of individuals in notifiable positions Passporting

13 Summary Competent Empowered Skilled staff Focused on public interest outcomes Supportive Targeted regulator Value for money Resources focused on mitigating risks Ahead of risks Well prepared Acknowledged experts Effective Safe Sustained growth and development Efficient Accessible Accessible and efficient regulator Straight forward to transact business with

14 QUESTION AND ANSWER Session

15 Published by: the Financial Services Commission PO Box 940 Suite 3, Ground Floor Atlantic Suites Europort Avenue Gibraltar Photos attributable to gibraltarphotos.com

Insurance Guidance Note No. 14 System of Governance - Insurance Transition to Governance Requirements established under the Solvency II Directive

Insurance Guidance Note No. 14 Transition to Governance Requirements established under the Solvency II Directive Date of Paper : 31 December 2013 Version Number : V1.00 Table of Contents General governance